Oil prices decline amid recession concerns

Oil prices declined on Thursday,extending previous session’s loss as investors continued to worry about possible economic recession, reports BSS/Xinhua.

The U.S. Treasury yield curve temporarily inverted on Wednesday, with two-year note yields exceeding 10-year yields, signaling growing concerns over arecession in the world’s biggest economy. Market participants were worried that economic downturn would impact crudeoil demand. The West Texas Intermediate for September delivery erased 0.76 dollar tosettle at 54.47 U.S. dollars a barrel on the New York Mercantile Exchange,and Brent crude for October delivery lost 1.25 dollars to close at 58.23dollars a barrel on the London ICE Futures Exchange.